Technology Industry Statistics
Verified technology industry statistics sourced from Gartner: worldwide IT spending $5.06T in 2024, software +14%, IT services +9.4%, and 2025 forecasts.
The global technology industry is one of the most dynamic and rapidly evolving sectors in the world economy. Spanning hardware, software, cloud services, IT services, semiconductors, and telecommunications, the tech sector continues to reshape how businesses operate and how consumers live. According to Gartner, worldwide IT spending totalled $5.06 trillion in 2024 — up 8% from 2023.
Key Statistics: Global Technology Industry
| Metric | Value | Source |
|---|---|---|
| Worldwide IT Spending (2024) | $5.06 trillion[1] | Gartner, April 2024 |
| IT Spending Growth (2024) | +8% year-over-year[1] | Gartner, April 2024 |
| Software Spending (2025 forecast) | $1.23 trillion[2] | Gartner, January 2025 |
| Software Spending Growth (2025) | +14%[2] | Gartner, January 2025 |
| IT Services Spending (2025 forecast) | $1.73 trillion[2] | Gartner, January 2025 |
| IT Services Growth (2025) | +9.4%[2] | Gartner, January 2025 |
Technology Segment Breakdown (2025 Forecasts)
| Segment | 2025 Forecast | Growth (2025) |
|---|---|---|
| Software[2] | $1.23 trillion | +14% |
| IT Services[2] | $1.73 trillion | +9.4% |
| Data Centre Systems | Strong growth (AI-driven) | Elevated |
| Communications Services | Large segment | Moderate |
| Devices | Cyclical recovery | Moderate |
Key Growth Drivers
- Generative AI Infrastructure — Investments in AI-optimized servers, data center systems, and GPU clusters are a significant new driver across the IT spending landscape, boosting the data centre systems segment in particular.
- Software and Cloud Adoption — Software is the fastest-growing major segment at +14% in 2025 per Gartner, driven by AI-enabled applications, SaaS migrations, and cloud platform spend.
- IT Services Demand — Enterprises continue to outsource IT operations and digital transformation work, supporting steady IT services growth of 9.4% forecast for 2025.
- Digital Transformation — Organizations in traditional industries (banking, manufacturing, healthcare) are investing heavily in software modernization, driving services and software growth.
- Cybersecurity — Increasing frequency and sophistication of cyberattacks is sustaining demand for security tools and services across all industry verticals.
Industry Challenges
- Semiconductor Supply Chain — Geopolitical tensions and concentration of advanced chip manufacturing create supply chain vulnerability affecting all downstream technology products.
- Talent Shortage — Demand for software engineers, data scientists, and cybersecurity professionals continues to far exceed supply globally, constraining growth in high-skill segments.
- Regulatory Scrutiny — Antitrust investigations and data privacy regulations are increasing operating complexity and compliance costs for large technology platforms in the EU, US, and Asia.
How Businesses Use Technology Industry Statistics
- Technology investment planning — CIOs use sector growth rates to benchmark IT budget allocation against industry peers and justify capital investments in new platforms.
- Vendor evaluation — Procurement teams assess market size data to identify well-funded, growing segments when selecting long-term technology partners.
- Competitive intelligence — Technology companies track segment-level market share data to identify competitive positioning and evaluate merger and acquisition opportunities.
- Investor due diligence — Private equity and venture capital investors use CAGR forecasts to evaluate technology company growth potential relative to segment benchmarks.
- Market entry decisions — Technology companies evaluate under-penetrated geographies and segments using regional market size and growth rate data.
Related Tool: Use the CAGR Calculator to model compound growth for specific technology segments over your investment horizon.
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Browse Technology ReportsFrequently Asked Questions
According to Gartner, worldwide IT spending totalled $5.06 trillion in 2024 — an 8% increase from 2023. Looking ahead, Gartner's January 2025 forecast projects total IT spending of $5.61 trillion in 2025, with software reaching $1.23 trillion (up 14%) and IT services reaching $1.73 trillion (up 9.4%).
Software is the fastest-growing major IT spending category, with Gartner forecasting 14% growth to $1.23 trillion in 2025. This is driven by AI-enabled software, SaaS migrations, and cloud platform adoption across enterprise customers globally.
Key growth drivers include generative AI infrastructure investment (AI-optimized servers and data centres), the 14% growth in software spending driven by AI and SaaS, sustained IT services demand from digital transformation programs in traditional industries, and rising cybersecurity expenditures across all sectors.
Gartner forecasts global IT services spending to reach $1.73 trillion in 2025, representing 9.4% growth. IT services include managed services, consulting, integration, and outsourcing, and represent the second-largest component of total IT spending after communications services.
The technology sector faces semiconductor supply chain concentration risks from geopolitical tensions, a persistent talent shortage in software engineering and data science, and increasing regulatory scrutiny around data privacy and antitrust matters in the EU, US, and Asia-Pacific markets.